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	Vantage FX : Monday, 12 September 2011. 
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                        <span id="ctl00_ContentPlaceHolder1_lblTitle">Monday, 12 September 2011. </span></div>
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                             <span id="ctl00_ContentPlaceHolder1_lblPost">Posted By :Vantage FX  on:12/09/2011 3:36:00 PM</span></span>
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                                <span id="ctl00_ContentPlaceHolder1_lblKeyword">AUD, USDJPY, USD, EUR, Euro</span></span>
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                            <span id="ctl00_ContentPlaceHolder1_lblDescription"><img alt="" src="/BlogImages/image/Vantage FX/eurjpy.jpg" style="width: 550px; height: 269px;" /><br />
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Investors have been dumping the euro and high yielding assets today and scrambling for safe haven currencies as rumours mount that the Germans have given up on any hope that the Greek debt crisis can be saved and they are preparing for a Greek default. &nbsp;<br />
The euro dropped to its lowest level in ten years against the yen and continued to slide against the dollar on speculation that the German Chancellor Angela Merkel is preparing for a the Greeks to default limiting the demand for the 17 nation currency.<br />
EURUSD traded down from highs of 1.3673 at the open of the session to as low as 1.3496 where there looked to be some instructional buying. The EURJPY (see above chart) consolidated around the 105.00 for most of the day on to break in late afternoon to trade down to lows of 104.12. These are the lowest level that the EURJPY has traded since 2001. &nbsp;<br />
The AUDUSD has dropped for the third consecutive day to its lowest level in three weeks as investors sell the higher yielding riskier assets. A report released today showed that the nation&rsquo;s trade surplus narrowed in July by more than economists forecasted. The AUDUSD opened at 1.0478 and recently traded as low as 1.0362.<br />
The NZDUSD continued to head south in the Asian session trading down from highs of 0.8226 to as low as 0.8140 as risk aversion enters the market on the outlook of the Greek debt coupled with Asian stocks extending &nbsp;global sell off as France&rsquo;s three major banks may have their credit ratings lowered. &nbsp;The New Zealand&#39;s central bank today said that the NZ dollar was extremely over valued but there was little the central bank could do about it.<br />
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				<strong>CURRENCIES</strong></td>
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				<strong>Last Traded</strong></td>
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				AUDUSD</td>
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				1.0338</td>
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				EURUSD</td>
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				1.3525</td>
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				GBPUSD</td>
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				1.5826</td>
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				USDJPY</td>
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				77.04</td>
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<em>Source Bloomberg and<br />
Dow Jones Newswire </em></span>
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